- Morocco-based fintech startup Yalla Xash has raised MAD6 million ($675,000) from Maroc Numeric Fund II.
Yalla Xash is a multicultural company operating in the US, Canada and Morocco, providing Moroccans abroad with money transfer solutions through an app to their homeland.
Yalla Xash will use the investment to extend its services to other countries in the coming months.
Yalla Xash announces fundraising of MAD 6 million from Maroc Numeric Fund II.
Yalla Xash is a money transfer fintech startup operating between North America and Africa.
The technology and logistics developed by Yalla Xash aim to facilitate transfer operations, increase speed, guarantee confidentiality, ensure security and reduce costs.
Yalla Xash solution is centred on the two main actors, sender and receiver, at both ends of the transfer chain. On the sender side, the whole process is based on a smartphone application, available on AppStore and PlayStore avoiding several intermediaries to carry out the transfers. Yalla Xash’s offer is based on three services: App to Cash, App to Prepaid Card and App to Bank account.
Yalla Xash is currently operating on the North America – Morocco corridor, and intends to develop other corridors in the coming months. Making a money transfer a unique and completely renewed experience is the credo of Yalla Xash.
This is the fourth investment of Maroc Numeric Fund II and the 21st investment of its management team, taking into account the investments made by Maroc Numeric Fund I, which is now in the divestment phase.
Mrs Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, said: “We were impressed by the quality of Yalla Xash’s service, its proximity to its customers, as well as by the perspectives offered by this fintech which has been able to establish a reputation in a very short time in a global market of remittances estimated at more than $700 billion per year. Moreover, this solution has a significant societal impact as it allows this population of residents abroad to keep a connection with their loved ones and accompany them in their life projects, with a limited cost and an increased speed of transfer.”
Since 2010, Maroc Numeric Fund has been the reference investment fund in tech startups. The expertise accumulated by its management team has enabled the emergence of several Moroccan success stories. More than just a financial lever, Maroc Numeric Fund is a real catalyst for high-potential startups. It acts as an active shareholder by providing its portfolio companies with advice and monitoring of their management, in addition to the investment, while sitting on their boards.